VIDEO: Taiwan’s economic structure is transforming

Radio Taiwan Internatinal
Date: 19 November, 2019
By: Natalie Tso

President Tsai Ing-wen highlighted the positive changes and outlook for Taiwan’s economy during a

President Tsai Ing-wen speaking at the American Chamber of Commerce on Tuesday (CNA photo)

President Tsai Ing-wen speaking at the American Chamber of Commerce on Tuesday (CNA photo)[/caption]speech at the American Chamber of Commerce on Tuesday.

The US-China trade war has had a major impact on the world economy but Taiwan has had an optimistic year. President Tsai said that Taiwan has worked to develop a new economic structure, encourage innovation, and reduce reliance on production facilities in China. These changes have enabled Taiwan’s economy to be both resilient and responsive.

For the first three quarters of the year, Taiwan’s economic growth has led the 4 Asian tigers. Many Taiwanese companies are returning to invest in Taiwan. The government has approved NT$700 billion (US$23 billion) in investment from returning Taiwanese companies this year. This will create an estimated 55,000 jobs in Taiwan.

Tsai also cited the growth of foreign investment in Taiwan this year. She said many foreign companies are bullish on Taiwan due to Taiwan’s free and open society, intellectual property rights protection, strong talent and tech sector. Many global giants like Google, Microsoft and Amazon are planning larger investments in Taiwan and will bring in many high paying jobs.

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